Bill > S0654

This Joint Resolution proposes an amendment to the Florida Constitution that will change how homestead property, which is a primary residence that qualifies for a tax exemption, is assessed for property taxes. Currently, homestead property assessments are limited in their annual increase to a small percentage or the rate of inflation, but this amendment will allow for new homestead properties to be assessed similarly to other residential and real properties, meaning their value could increase more significantly after a change in ownership. The amendment also includes provisions for assessing new homesteads when the owner has previously had a homestead exemption, aiming to prevent drastic tax increases in such situations, and it will take effect on January 1, 2025.